South Korea limits Iran exports on payment concerns

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South Korea limits Iran exports on payment concerns

Reuters - June 15, 2012
"Temporary" export ceiling measure started on June 12 * More details to be set if EU insurance issues finalised * New deals to be approved only if payment period within 180 days * Japan's lower house to pass bill to insure Iran oil on Friday-report * To allow sovereign guarantee to continue Iran imports SEOUL, June 14 (Reuters) - South Korea has imposed curbs on exports to Iran - mainly steel, cars and electronics - to reduce its risk of payment defaults as western sanctions disrupt Iranian oil exports, highlighting the growing risk of ...

Hyundai Oilbank shelves $2bn IPO

Financial Times - June 15, 2012
a in Seoul and Robert Cookson in Hong Kong/ Hyundai Oilbank has shelved its planned $2bn initial public offering due to Europe’s debt crisis and lower risk appetite in global stock markets. “We’ve decided to suspend the offering due to uncertainties over the IPO’s success as the euro zone crisis is spreading across the world and investor sentiment has turned weaker,” the oil refiner said./ Hyundai said it would reconsider the IPO, which would have been the country’s biggest this year, when market conditions improve so that its corporate ...

Japan lower house passes bill to insure Iran oil imports

Reuters - June 15, 2012
Japan's lower house passed a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, a key step towards it becoming the first of Iran's big Asian oil buyers to get round new European Union sanctions. The bill will now be sent to the upper house, where opposition parties have the majority but have signaled their support. It will become law by around June 27 if passed before the current parliamentary session ends next Thursday, said a government official who requested anonymity. The Japanese government, which ...

Iran crude buyer Hyundai Oilbank drops $2 bln IPO plan

Reuters - June 14, 2012
Hyundai Oilbank cites impact of euro zone crisis * Refiner is South Korea's biggest buyer of Iran crude * Latest in series of major Asian IPOs to be pulled or delayed * Company says will revive float when conditions improve (Adds details) SEOUL, June 15 (Reuters) - South Korean refiner Hyundai Oilbank, a heavy user of Iranian crude, postponed its planned $2 billion initial public offering on Friday due to the euro zone crisis, and ahead of a pending suspension of Iran crude imports on western sanctions. The pullback adds to a series of ...

South Korea limits Iran exports on payment concerns

Yahoo! News - June 14, 2012
mainly steel, cars and electronics - to reduce its risk of payment defaults as western sanctions disrupt exports, highlighting the growing risk of doing business with the Islamic Republic. The move to limit the trade exposure of Asia's fourth-largest economy, which sold $1.7 billion of goods in Iran in the first quarter of this year, was announced by South Korea's leading trade and business body and came into effect this week. Fresh export deals to Iran will be approved only if their payment period is within 180 days to reduce uncertainty ...

Japan to pass bill to insure Iran oil imports

Yahoo! News - June 14, 2012
's lower house is set to pass a bill on Friday to provide on insurance for Iranian crude cargoes, making it the first of 's big Asian buyers to find a way to keep the oil flowing in the face of tough new EU sanctions. takes effect on July 1 and includes a ban on EU insurance firms from covering Iran's exports. That is a headache for Japan, , who together buy two thirds of Iran's oil exports and rely on EU companies to insure them. EU and U.S. sanctions aim to cut the oil revenues on which Tehran depends to force the Islamic Republic to curb ...

Japan's lower house passes bill to insure Iran oil imports

India Times - June 15, 2012
/ TOKYO: Japan's lower house passed a bill on Friday to provide government guarantees on for Iranian crude cargoes, a house spokeswoman said, a key step towards it becoming the first of Iran's big Asian oil buyers to get round new The bill will now be sent to the upper house, where opposition parties to the ...

South Korea shipping companies suspend Iran oil imports

India Times - June 15, 2012
/ SEOUL: Two South Korean shipping companies said Friday they had this month suspended importing crude from due to a looming EU oil embargo that could effectively halt shipments of Iranian oil from July. , which handles refiner SK Energy's crude shipments, said it shipped its last cargo from Iran early this ...

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